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Block Inc logo is seen displayed in this illustration taken, April 10, 2023. 

Dado Ruvic | Reuters

Block reported first-quarter earnings after the bell that exceeded analysts’ estimates. The stock rose about 10% in extended trading.

Here’s how the company did, compared to analysts’ consensus from LSEG.

  • Earnings per share: 85 cents adjusted vs. 72 cents adjusted that was expected
  • Revenue: $5.97 billion vs. $5.82 billion expected

Block posted $2.09 billion in gross profit, up 22% from a year ago. Analysts tend to focus on gross profit as a more accurate measurement of the company’s core transactional businesses.

The company reported net income of $472 million, or 74 cents per share, more than quadruple the net income of $98.3 million, or 16 cent per share, a year earlier.

The company raised its adjusted EBITDA forecast for the second quarter to $690 million from $670 million.

Block, formerly known as Square, ended the year with 57 million monthly transacting actives for Cash App in March, up 6% year-over-year. Inflows per transacting active were $1,255, up 11% year over year.

The Cash App business, which is the company’s popular mobile payment platform, reported $1.26 billion in gross profit, a 25% year-over-year jump. Block, run by Twitter co-founder Jack Dorsey, said its Cash App Card monthly active users increased to 24 million in March.

Block is also more focused on integrating Afterpay, the buy-now, pay-later company it bought for $29 billion in 2021. Afterpay struggled following the deal, posting big losses.

Block has slimmed down operations in recent months. In January, Dorsey reportedly said in a note to staffers that the company had laid off a “large number” of workers. This followed another round of layoffs in December.

Chief financial officer Amrita Ahuja said in a call with CNBC that the company is raising its outlook for the year to reflect its strong performance in the first quarter.

Dorsey’s note to shareholders began by directly addressing a question that he often fields: “Why the hell are you all spending so much time on bitcoin?”

“Less than 3% of company resources are dedicated to bitcoin-related projects,” Dorsey wrote. “But why spend time on bitcoin at all? We believe the world needs an open protocol for money, one that’s not owned or controlled by any single entity.”

Bitcoin, said bitcoin will ultimately help Block “serve more people around the world faster.” He added that going forward, Block will be investing 10% of its gross profit from bitcoin products into purchases of bitcoin for investment.

“We were one of the first public companies to put bitcoin on our balance sheet,” he wrote.

The $220 million the company invested into bitcoin has grown 160% to $573 million as of the end of the first quarter, according to Dorsey.

Federal probe into Block

Cash App remains a significant contributor to overall profitability at the company.

The Block CFO told CNBC that the fintech firm has seen “continued resilience of spend” with not only growth in actives, but also growth in spend per monthly active user on a year-over-year and quarter-over-quarter basis.

“Which shows us again, continued resilience of this customer base and strong engagement with our product,” said Ahuja.

Shares in Block dropped 8% percent on Wednesday after an NBC investigation claimed that U.S. prosecutors were probing the company’s compliance practices based on information leaked to them by a former employee of the company.

“Most of the transactions discussed with prosecutors, involving credit card transactions, dollar transfers and bitcoin, were not reported to the government as required,” the NBC story alleged.

The whistleblower reportedly gave the government materials showing breaches in know-your-customer and anti-money laundering rules, as well as evidence indicating that management ignored these lapses.

Unlike past reports of possible wrongdoing at the company, the latest allegations encompass both Cash App and the company’s Square point-of-sale technology. It also includes within its scope international payments, sanctioned nations, and breaches of the Office of Foreign Assets Control. In September, Alyssa Henry stepped down as Square CEO. Dorsey stepped in to fill the role and no successor has been announced.

A separate report in February published by the same NBC reporter found that two whistleblowers had gone to the U.S. Treasury’s Financial Crimes Enforcement Network, or FinCEN, to share similar allegations. The popular payment app “had no effective procedure” to establish the identity of its customers, two whistleblowers told officials, according to NBC.

Analysts for Macquarie wrote in a note on Wednesday that should the Federal probe find merit in these claims, they see greater potential for fines or behavioral remedies such as robust oversight teams and infrastructure rather than “something structural like limitations on the types of business it can do.”

Last year, short seller Hindenburg Research levied similar claims, alleging that Block allowed criminal activity to operate with lax controls and “highly” inflates Cash App’s transacting user base, a key metric of performance.

Hindenburg described Block’s internal systems as a “‘Wild West’ approach to compliance.”

— CNBC’s Michael Bloom and Kate Rooney contributed to this report.

WATCH: Block shares pop on earnings beat

Block shares pop on Q4 earnings beat

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$39,199 Bobcat zero turn electric lawnmower is ready for summer

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,199 Bobcat zero turn electric lawnmower is ready for summer

Bobcat revealed a new, commercialized version of its battery-powered ZT6000e zero-turn electric lawnmower that promises up to eight hours of continuous runtime.

The company says its new machine can deliver up to eight hours of continuous runtime on a single charge, the ZT6000e produces zero “tailpipe” emissions while in use, and is significantly quieter than the ICE-powered competition. Perfect, in other words, for use in municipalities with strict noise regulations.

“The ZT6000e is designed for both lawn care professionals and other businesses that want to create their own professional-grade results in a more sustainable way,” said Daniel Stibral, s grounds maintenance product specialist at Bobcat. “It’s highly maneuverable, efficient, and takes on challenging mowing tasks with precision, ease and the perfect cut.”

The Bobcat ZT6000e packs a 58V, 20.4 kWh battery that can be fully recharged in about 6 hours with a 240-volt “Level 2” connection, or in about 12 hours with a “standard” 120-volt connection. Considering a full charge is enough to mow more than 23 acres, however, there should be very little “range anxiety” involved.

What’s more, Bobcat claims that, apart from routine recharge cycles, the lithium-ion battery requires no maintenance for the life of the machine.

The ZT6000e is built with a heavy-duty, dual-tubed steel frame and is powered by three electric motors to provide precise control over high and low blade speeds and make quick work of any lawn. Pricing starts at $39,199.

Electrek’s Take

Yes, the ZT6000e electric lawmower is more expensive than the 850cc gas-powered version. About 3x more expensive, in fact – but that doesn’t matter.

The fact is that more and more municipalities across the country are effectively banning internal combustion lawn equipment from lawnmowers to edgers to leaf blowers – and the ones that aren’t outright banning small engines are banning them indirectly with increasingly stringent noise regulations. Translation: if you plan on making a living in landscaping, you’re going to need to pony up for an electric mower rather sooner than later.

When you do, Bobcat’s seems like a solid choice.

SOURCES | IMAGES: For Construction Pros; Bobcat.

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Pedego Moto puts the ‘fun’ in functional transportation

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Pedego Moto puts the 'fun' in functional transportation

Pedego announced a slew of big new bikes this month, and we got to try out our favorite, the Pedego Moto. This brawny, two-person, class 2/3 beast leaves its competitors in the dust in so many ways. As Micah would say, “Let’s check it out…”

We’ve talked about Pedego a ton here at Electrek, but it bears repeating. No other bike company is doing more to get Americans onto e-bikes. With their excellent brick-and-mortar stores, many, if not most, Americans’ first e-bike experience is renting or trying an e-bike at a Pedego store. And because Pedego stores and e-bikes are top-notch, those experiences are almost entirely good first impressions.

I have a store in my local town, and it is the go-to place to pick up bike accessories, get a quick tuneup, or fix something (on any bike!) . It is also a great place to meet like-minded bike riders. They often sponsor local bike rides and encourage train tourists to visit our town and see it on an e-bike, which is better for everyone than driving a car.

Pedego Moto

The Pedego Moto, at first glance, will remind you of a Juiced Scorpion or the many other copycats that came along in the years since it was introduced. I’m here to say this thing is different in a number of important ways.

The most obvious is that it is much bigger, and its seat is long enough to carry a second passenger without modifications. The 2nd rider foot pegs come with the bike in its default configuration. That stretched seat also lets taller riders slide back for that sweet leg extension when actually pedaling, which on the Moto, I found quite easy. That tapered seat, while comfy for long rides, also tapers at the front to allow easy pedaling.

Also, components are almost universally better, including turn signals, larger 210mm hydraulic brakes, and huge 20-inch wheels that will go off-road much better than others in this class. SRAM gears are going to last a lot longer than the Shimano Altus setup that many of these bikes have. And just look at those burley tires.

The battery is 922Wh at 48V which will power the bike for up to 75 miles according to Pedego but more typically about 40 at near full power with little pedalling. I don’t like that it is a proprietary connector but it fast charges the battery at 5A. I was genuinely shocked how far I could ride with just small battery drops and it will last weeks in between charges if you want it to.

Pedego has revolutionized unboxing!

Like the taller boxes we saw at Upway, Pedego is now using a taller box that allows it only to require screwing in pedals and adjusting/tightening the handlebars. Including removing the tape and bubble wrap, you can be riding the Pedego Moto within 5 minutes of opening the box.

While most Pedegos will be purchased (and tuned up) at stores, this makes the process easier for Pedego technicians and direct-to-consumer customers as well.

There’s no heavy front wheel to put on, cables to plug in, or other stuff to install. Most e-bikes take me at least a half hour to assemble and often more than an hour. Pedogo Moto? I was riding within minutes of the box being delivered. The battery came more than half charged and that was good for a day of play.

Moto Experience

Pedego bikes, though they come in all shapes and sizes generally follow a standard Class 2 system that allows the bike to go up to 20 miles/hour on throttle or pedal assist. Some of their bikes, including the Moto, can be enabled to go class 3, which is up to 28 miles per hour. However, this is only pedal assist, the throttle will stop applying power at 20mph.

This allows pedego bikes to be legal in the largest number of areas while also allowing a speedy 28mph option. In reality, the large size of the bike will put pedal-assist riding at about 25 mph, in my experience. Still quite fast for such a big bike with huge tires.

Other bike companies, including Pedego’s competitors, have various flavors of “off-road mode,” which allow the motors to spin at any speed but also make them illegal in many jurisdictions.

I found the Moto to be a great ride both on the road and on gravel. Those huge tires and soft suspension eat up those potholes like no one’s business. And, even with a passenger in the back, there’s no stopping the powerful 85nm torque motor in the back.

The Moto is best for cruising and riding around town. There it excels and turns some heads, especially in this blue variety.

Moto Safety

While this bike is large, it turns quite well with admirable wheel balance and a solid front fork.

The front light not only lets oncoming cars see the Moto well at night but it also illuminates the road well enough to ride without concern. Those big hydraulic brakes on 210mm discs are also great at stopping this big bike in its tracks.

The step-over nature of the bike makes it easy to get on and off, especially with packages or another rider on the back.

Maybe the most underrated safety item is the turn signals, which I think Pedego has done well, especially in the user interface department. But the backlight is hidden a little too far under the rear seat and is typically small for an e-bike. Still, drivers and riders will almost always see the bright light when at a medium-length distance away.

Pedego Moto Price

This is a Burley bike, and Pedego has to keep its brick-and-mortar stores going, so the price may surprise those used to fly-by-night dropship prices. It is $3995. Yes, it is a lot, but you get a lot, including white glove service and actual local people there to help out when things go wrong.

Electrek’s take

I like all 3 of Pedego’s new e-bikes and if you’ve got the cash, these e-bikes are built to last and a ton of fun. The Moto isn’t light but it rides like a much more svelt e-bike and is even great for carrying 2 people!

The Petego Moto in Black, thanks to Riley at the awesome local Croton Pedego store

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An off-grid solar tracker powers this EV charging station

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An off-grid solar tracker powers this EV charging station

Dartmouth College in Hanover, New Hampshire, has installed an off-grid solar tracker EV charging station for its employees.

“This solar electric vehicle charger is a part of the college’s efforts to make our [transportation systems] more sustainable”, said Marcus Welker, assistant director of sustainability at Dartmouth College [via Vermont Biz].

Solaflect Energy, based in Norwich, Vermont, designs and manufactures the Solar EV Charger. The four Level 2 charging points are powered by a 6.2-kilowatt solar array mounted on a dual-axis tracker that generates 40% more power than comparable fixed panel arrays.

The system’s 6-ton concrete foundation sits directly on parking lot lines, so it doesn’t take up any parking spaces and provides enough ground clearance for unimpeded traffic flow. Designed for climate resilience, it sheds snow quickly, stows flat in high winds, and sits high enough to avoid flooding.

Solar EV Charger operates even when the grid is down, and its transportable nature allows it to adapt as EV charging needs evolve. Here’s Dartmouth’s Solar EV Charger in action:

The off-grid solar tracker EV charger is quicker and less expensive to install than traditional grid-connected stations and avoids costly utility demand charges since there’s no need for infrastructure. Solaflect’s chargers scale easily, with one charger for every four EVs or plug-in hybrids. The company asserts that over its expected 25-year life, the system locks in 1 million miles of EV charging with minimal operating and maintenance costs.

Solaflect’s Solar EV charger is available for annual lease with no additional service costs or for purchase with a 30% federal investment tax credit. Its first installations will take place in New England, followed by a US-wide expansion.  

What do you think of Solaflect’s Solar EV Charger? Let us know in the comments below.

Read more: In a milestone, the US exceeds 5 million solar installations


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Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. –ad*

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